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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.70

$457 M

7.04%

$0.61

0.89%

Vitals

YTD Return

2.1%

1 yr return

9.3%

3 Yr Avg Return

2.9%

5 Yr Avg Return

2.7%

Net Assets

$457 M

Holdings in Top 10

94.2%

52 WEEK LOW AND HIGH

$8.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.89%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 4.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.70

$457 M

7.04%

$0.61

0.89%

FFRSX - Profile

Distributions

  • YTD Total Return 2.1%
  • 3 Yr Annualized Total Return 2.9%
  • 5 Yr Annualized Total Return 2.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.73%
DIVIDENDS
  • Dividend Yield 7.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Federated Hermes Floating Rate Strategic Income Fund
  • Fund Family Name
    Federated Hermes Funds
  • Inception Date
    Dec 03, 2010
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Steven Wagner

Fund Description

The Fund pursues its investment objective by allocating its portfolio of investments among the following three categories of the fixed-income market: domestic noninvestment-grade (also known as “junk bonds”); domestic investment-grade; and foreign (both emerging and developed markets). The Fund’s investment adviser, Federated Investment Management Company (“Adviser”) will determine whether a security is investment-grade based upon the credit ratings given by one or more nationally recognized statistical rating organizations (NRSROs). If a security has not received a rating, the Fund must rely entirely upon the Adviser’s credit assessment that the security is comparable to investment-grade. While the Fund’s portfolio usually includes investments from all three categories, the Fund limits the amount that it may invest in a single category to 75% of its assets. From time to time, the Fund may receive equity securities in connection with the restructuring of defaulted corporate bonds, in general, and high-yield bonds, in particular.Under normal market conditions the Fund will endeavor to maintain an average effective portfolio duration within a range of negative two (-2) to positive three (+3) years, in order to manage Share price volatility due to interest rate risk. The Fund does not limit the effective duration with respect to its investment in any individual holding. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Duration may be based on maturity date, call date or interest rate reset date.The Fund expects that it will primarily hold fixed-income investments that pay interest at rates that increase or decrease in response to changes in market interest rates (so-called “floating-rate investments”). The Fund may also invest in fixed-income investments that pay interest at a fixed rate (so-called “fixed-rate investments”) that the Adviser believes have low interest rate sensitivity.The Fund will primarily invest in loans made to domestic noninvestment-grade borrowers (i.e., leveraged loans) in the domestic noninvestment-grade category, and loan instruments (including trade finance) and debt securities in the foreign category. In the domestic investment-grade category, the Fund will invest primarily in asset-backed securities such as adjustable-rate mortgages, floating-rate collateralized mortgage obligations, and collateralized loan obligations. Within each category, the Fund may also invest in fixed- and floating-rate debt securities (including callable securities), as well as bank loans, that the Adviser believes will have relatively low sensitivity to changes in interest rates.The selection of individual portfolio investments involves an approach that is specific to each category of fixed-income investment and that relates, in part, to the risks inherent in the underlying sectors represented in each category. The investment process is designed to capture the depth of experience and focus of the Adviser’s fixed-income sector teams–mortgage-backed, investment-grade corporate, high-yield corporate and international (both emerging and developed markets).Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association (“Ginnie Mae”). Finally, to a lesser extent, the Fund may invest in certain government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.The Fund may also invest in derivative contracts or hybrid instruments (such as, for example, futures contracts, option contracts and swap contracts) to implement its investment strategies. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative contract or hybrid instrument in an attempt to benefit from changes in the value of the underlying investment(s). There can be no assurance that the Fund’s use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Fund’s 80% policy (as described below) and are calculated at market value.The Fund may also invest its assets in securities of other investment companies, including the securities of affiliated funds and affiliated money market funds (“Underlying Funds”), as well as exchange-traded funds, as an efficient means of implementing its investment strategies and managing its uninvested cash and/or for other investment reasons consistent with the Fund’s objective and investment strategies. At times, the Fund’s investment in Underlying Funds may be a substantial portion of the Fund’s portfolio. The Fund may also invest in loan instruments, including trade finance loan instruments, primarily by investing in other investment companies (which are not available for general investment by the public) that own those securities and are advised by an affiliate of the Adviser. The Fund may also invest in such securities directly.The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in floating-rate fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in floating-rate fixed-income investments. For purposes of this limitation, a floating-rate investment includes any fixed-income investment that requires periodic changes in its interest rate based upon changes in a recognized index interest rate or another method of determining prevailing interest rates, including loan instruments subject to a floor and money market funds. The Fund may count the value of certain derivatives with floating-rate fixed-income characteristics towards its policy to invest in floating-rate fixed-income investments.
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FFRSX - Performance

Return Ranking - Trailing

Period FFRSX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -0.8% 5.5% 57.58%
1 Yr 9.3% -5.7% 33.5% 88.26%
3 Yr 2.9%* -5.5% 9.2% 83.60%
5 Yr 2.7%* -6.6% 37.5% 85.11%
10 Yr 3.0%* -1.9% 19.3% 69.49%

* Annualized

Return Ranking - Calendar

Period FFRSX Return Category Return Low Category Return High Rank in Category (%)
2023 0.8% -12.0% 17.3% 93.94%
2022 -9.5% -22.9% 5.1% 77.82%
2021 0.7% -12.2% 12.0% 65.34%
2020 -3.0% -14.1% 289.8% 70.00%
2019 1.9% -8.1% 14.6% 66.81%

Total Return Ranking - Trailing

Period FFRSX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -0.8% 5.5% 57.58%
1 Yr 9.3% -5.7% 33.5% 88.26%
3 Yr 2.9%* -5.5% 9.2% 83.60%
5 Yr 2.7%* -6.6% 37.5% 85.11%
10 Yr 3.0%* -1.9% 19.3% 69.49%

* Annualized

Total Return Ranking - Calendar

Period FFRSX Return Category Return Low Category Return High Rank in Category (%)
2023 9.5% -12.0% 30.3% 89.39%
2022 -4.9% -22.9% 5.1% 80.16%
2021 4.6% -10.2% 19.4% 57.37%
2020 0.8% -14.1% 306.9% 73.75%
2019 6.7% -3.6% 23.8% 73.28%

NAV & Total Return History


FFRSX - Holdings

Concentration Analysis

FFRSX Category Low Category High FFRSX % Rank
Net Assets 457 M 35.9 M 11.9 B 55.02%
Number of Holdings 71 2 1605 94.51%
Net Assets in Top 10 442 M -191 M 2.38 B 20.88%
Weighting of Top 10 94.23% 5.2% 100.8% 3.68%

Top 10 Holdings

  1. FEDERATED CORE TR FEDERATED BANK LOAN CORE FUND 80.30%
  2. FEDERATED CORE TR III FEDERATED PROJ+TRADE FIN CORE 8.51%
  3. Federated Institutional Prime Value Obligations Fund 1.56%
  4. Government National Mortgage Association 1.08%
  5. Fannie Mae REMICS 0.65%
  6. Fannie Mae REMICS 0.49%
  7. Fannie Mae REMICS 0.49%
  8. Freddie Mac REMICS 0.44%
  9. Freddie Mac REMICS 0.40%
  10. Freddie Mac REMICS 0.32%

Asset Allocation

Weighting Return Low Return High FFRSX % Rank
Stocks
88.81% 0.00% 100.76% 3.66%
Bonds
6.38% 0.00% 161.82% 96.70%
Other
3.37% -52.39% 26.58% 10.99%
Cash
1.56% -61.90% 18.85% 74.36%
Convertible Bonds
0.15% 0.00% 5.51% 23.25%
Preferred Stocks
0.00% -3.99% 6.42% 54.21%

Stock Sector Breakdown

Weighting Return Low Return High FFRSX % Rank
Energy
100.00% 0.00% 100.00% 3.48%
Utilities
0.00% 0.00% 100.00% 47.83%
Technology
0.00% 0.00% 100.00% 46.09%
Real Estate
0.00% 0.00% 48.61% 34.78%
Industrials
0.00% 0.00% 100.00% 60.00%
Healthcare
0.00% 0.00% 100.00% 36.52%
Financial Services
0.00% 0.00% 89.61% 36.52%
Communication Services
0.00% 0.00% 100.00% 72.17%
Consumer Defense
0.00% 0.00% 100.00% 44.35%
Consumer Cyclical
0.00% 0.00% 97.66% 52.17%
Basic Materials
0.00% 0.00% 1.36% 34.78%

Stock Geographic Breakdown

Weighting Return Low Return High FFRSX % Rank
US
88.81% -0.01% 100.76% 3.66%
Non US
0.00% 0.00% 0.68% 43.22%

Bond Sector Breakdown

Weighting Return Low Return High FFRSX % Rank
Corporate
85.70% 0.00% 141.23% 74.17%
Securitized
10.03% 0.00% 91.68% 5.17%
Cash & Equivalents
1.56% 0.00% 25.03% 67.40%
Derivative
0.00% -8.79% 1.12% 54.95%
Municipal
0.00% 0.00% 0.47% 34.32%
Government
0.00% 0.00% 3.18% 45.39%

Bond Geographic Breakdown

Weighting Return Low Return High FFRSX % Rank
US
6.38% 0.00% 144.71% 96.70%
Non US
0.00% 0.00% 63.23% 63.00%

FFRSX - Expenses

Operational Fees

FFRSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.89% 0.03% 12.26% 68.73%
Management Fee 0.60% 0.00% 1.89% 37.50%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.10% 0.02% 0.27% 42.22%

Sales Fees

FFRSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

FFRSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FFRSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 4.00% 4.00% 180.00% 0.78%

FFRSX - Distributions

Dividend Yield Analysis

FFRSX Category Low Category High FFRSX % Rank
Dividend Yield 7.04% 0.00% 11.56% 61.21%

Dividend Distribution Analysis

FFRSX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

FFRSX Category Low Category High FFRSX % Rank
Net Income Ratio 3.73% 1.77% 9.82% 41.04%

Capital Gain Distribution Analysis

FFRSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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FFRSX - Fund Manager Analysis

Managers

Steven Wagner


Start Date

Tenure

Tenure Rank

Dec 03, 2010

11.5

11.5%

Mr. Wagner joined Federated in 1997 as an analyst in the high yield area and has been Senior Investment Analyst and Vice President of Federated Investment Management Company since 2003. Mr. Wagner received his B.S. from Boston College and his M.B.A. in Finance from the University of Pittsburgh.

Todd Abraham


Start Date

Tenure

Tenure Rank

Dec 03, 2010

11.5

11.5%

Todd A. Abraham is a Senior Portfolio Manager and Head of the Government/Mortgage-Backed Fixed Income Group. Mr. Abraham has been a Senior Portfolio Manager from 2007, Portfolio Manager from 1995 to 2006, a Senior Vice President since 2007 and a Vice President of Federated from 1997 to 2006. Mr. Abraham joined Federated in 1993 as an Investment Analyst and served as Assistant Vice President from 1995 to 1997. Mr. Abraham served as a Portfolio Analyst at Ryland Mortgage Co. from 1992 to 1993. Mr. Abraham has received the Chartered Financial Analyst designation and an M.B.A. in Finance from Loyola College.

Mark Durbiano


Start Date

Tenure

Tenure Rank

Dec 03, 2010

11.5

11.5%

Mr. Durbiano joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of Federated Investment Management Company since 1996. From 1988 through 1995, Mr. Durbiano was a Portfolio Manager and a Vice President of Federated. Mr. Durbiano has received the Chartered Financial Analyst designation and an M.B.A. in Finance from the University of Pittsburgh.

B. Anthony DelSerone


Start Date

Tenure

Tenure Rank

May 31, 2015

7.01

7.0%

B. Anthony Delserone, CFA, Senior Portfolio Manager, has been the Fund's portfolio manager since May of 2015 and the Bank Loan Affiliated Fund portfolio manager since its inception August of 2010. Mr. Delserone is a Senior Portfolio Manager and is responsible for day to day management of the Fund focusing on asset allocation, interest rate strategy and security selection. From 1998 through 1999, Mr. Delserone was a Senior Investment Analyst and an Assistant Vice President of Federated. He has been with the Federated since 1998; has worked in investment management since 1984; has managed investment portfolios since 1999. Education: B.B.A., The College of William and Mary in Virginia; M.B.A., Sellinger School of Business, Loyola College of Maryland.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.0 3.25